My question involves real estate located in the State of: Michigan
This real estate transaction started out normally but slowly. We put in a full price offer with the seller contributing 6%, they countered with full price offer with seller contributing 3.5%. This was in late July.
We have gone through every step of obtaining a 30 year mortgage which required bringing the home up to code because the mortgage company required this. We have had the appraisal, credit report, flood insurance, we even purchased Homeowner's Insurance for the entire year on 9/16 as we were told by the Listing Agent the closing would take place on that day. We have $2,000 in Escrow also.
Now it is 9/19, the Listing Agent has used every excuse in the book as to why the sellers are not ready to sit down to sign for final closing. He is now refusing to give us a closing time and date. Then he throws on us that the sellers are out of town.
The deal is...the sellers moved most of their belongings out in May, but there is still quite a lot left in the house. We believe they are buying time/wasting our time to move their items out. So the Listing Agent is stating that they are out of town. Of course, everything could still be signed via POA or fax or next day mail by the sellers, they could have signed before going out of town. Now the Listing Agent will "see what he can do" about getting them to sign while supposedly out of town, claiming "maybe" they could sign on 9/27, but will make no concrete closing time and date, leaving everything up in the air and us out about $2,000 in expenses plus the $2,000 in escrow.
We are currently renting and need to be out on the last day of September. This has been ongoing since July as that is when the purchase agreement was signed. It is a standard purchase agreement with "Time is of the Essence", but it only seems to be for us as they will not set a closing date. How can we either force them to set up a closing date...or get out of the contract with being reimbursed for our losses? I know that is not easy, but we were never forewarned the sellers would be leaving town, we had this past Monday set up for closing, and a lawyer at this point just to send a letter wants $1,000.
We have everything set for the closing, did everything asked of us ahead of time, including obtaining Homeowner's Insurance for the date that closing was supposed to happen, now we have no closing date and insurance on a house we do not own as well as being out of pocket for all other expenses including appraisal, inspection, bringing up to code, etc. Please help, we have no clue what to do now. Thanks so much.